I want to be (insert career here) when I grow up. Sounds familiar, right? Almost everyone can recall a time in their past where they had it all figured out. Some wanted to be astronauts, others aimed for firefighters, and some even wanted to dabble in magic. Dreams make a childhood special. But, they do not end there. Adults dream too.
Their manner is just a bit more mature. Many people dream of starting their own business. The onset of the pandemic has allowed for that to happen. The digital market has never been bigger or more profitable. Every day more and more people take the plunge and become their own boss.
However, each dream must possess a healthy dose of reality. Anyone who has ever tried their hand out at owning a business could tell you this: it is a lot of work. Being an owner comes with a plethora of obligations.
One of the most important ones is payroll management. It is a tedious task, even for seasoned business owners. But, fret not. We will not treat you like Atlas and put the whole weight on your shoulders. To help you get a grip on payroll management, we picked five tools that will lighten your burden.
What Is Payroll?
Payroll is a vital component of the accounts division of an enterprise. It is the record you keep of payments or salaries you give to your employees, combined with employees’ info and the date of payments.
A payroll system helps with the following: computing the total work hours of the employees, filing employment taxes, calculating the net salary, transferring the employees’ salaries, etc.
It is a heavily time-consuming task to handle manually, which is why we suggest using tools. Payroll management tools automate every step in the process and save you from making mistakes. And trust us, you do not want to make mistakes when filing taxes. Without further ado, here are our top four tools for payroll management.
Description: The Easiest One
Simple, sweet, solid. We are talking about OnPay, of course. It earns our recognition as one of the best payroll management tools for small businesses.
OnPay is easy-to-use, affordable, have no hidden fees, and offers a mobile-friendly app. The available setup wizard also saves you a lot of valuable time. Check the info accuracy as you follow the steps, and you will be good to go.
- Automated taxes
- Accounting integrations
- Payroll reporting
- All-inclusive pricing
Description: The One For Ever-Growing Companies
Next up is the royalty amongst payroll management tools. ADP is a brand name with years of experience under its belt. Seventy years, to be precise.
That is what makes it perfect for large, ever-growing companies. You cannot outgrow the array of services that they offer. ADP has you covered if your business owner’s dream includes workforce expansion.
Features (for the Essential Payroll plan):
- Payroll Delivery
- Direct Deposit
- General Ledger Interface
- W-2s and 1099s
- New-Hire Reporting
- Tax Filing
- ADP® Employee Access
- State & Federal Forms and Resources
- HR Checkups
- Wisely® Direct Debit Card
Description: The Free One
When you are just starting out, the budget may be a tad tight. Sometimes there is not any money available for a payroll management tool. You no need to worry, though. We still got you covered.
The upcoming tool on our list is completely free. Payroll4Free does not charge for its payroll services. However, it does require some elbow grease. The setup is manual, and you will not be able to file payroll taxes or pay your employees via direct deposit. Still, it is a solid option for anyone running a team of twenty-five people.
- Employee Portal
- Pay Employees and Contractors
- Vacation Time Tracking
- Integration Tools
- Discover more!
Description: The Well-Rounded One
Payroll tools come in all shapes and sizes. You have those that have plenty of features but hefty prices. Others are affordable yet limited in what they offer.
We present to you, Gusto. Our following tool has the best price-to-feature ratio. The difference between this payroll management tool and its competition is that you do not lack features in any options. They merely improve with the price.
For example, the most affordable plan includes direct deposit, but it takes four days. Meanwhile, the high-tier plans have a next-day deposit available.
Flexible Payroll Features:
- Gusto debit card
- Unlimited bonus and off-cycle payrolls
- Hourly and salaried employees
- Paperless paychecks
- Flexible payment schedules
- Unlimited payrolls
- Net-to-gross calculations
- Contractor payments
- Multiple pay schedules
Advanced Payroll Features are available separately.
Payroll management is an essential part of owning a business. However, it does not have to be a burden on your shoulders. That is why tools exist.
To help you lighten the load of day-to-day obligations. It does not matter whether your budget covers payroll management tool royalty or if you have to go for the free option. Stepping up to the task is what matters.
Allow us to paraphrase John C Maxwell here: business owner dreams do not work unless you do. So, do not allow payroll to become your alarm clock, and use payroll management tools to stay up to speed. And up to your taxes.